Financial Sector Review: Genworth Sheds an Asset, Citigroup and Goldman Sachs Market Bonds
Genworth Financial, Inc. (NYSE:GNW): Genworth Financial has agreed to sell Genworth Financial Investment Services — its tax and accounting financial unit — to Cetera Financial Group. The anticipated transaction, subject to customary closing conditions and regulatory approvals, will be closed in approximately 90 days. The shares closed at $7.27, up $0.5, or 7.39%, on the day. Its market capitalization is $3.57 billion.
In what will probably be the first deal of its kind in 2012, Citigroup Inc. (NYSE:C) and Goldman Sachs Group, Inc. (NYSE:GS) reportedly plan to market approximately $1B of bonds backed by commercial property loans as soon as next week. Many banks were deterred by Europe’s debt crisis that sent yields soaring and pulled back from making new loans to package into bonds in July, but originations have since picked up. The shares closed at $30.00, up $0.92, or 3.16%, on the day. Its market capitalization is $87.71 billion.